Chiyoda Corporation, NYK Line and Knutsen NYK Carbon Carriers (KNCC) have signed a memorandum of understanding to collaborate on carbon capture and storage (CCS) projects globally.
Under the agreement, the companies will work together to expand CCS business opportunities in Japan and overseas, including optimizing transportation methods for liquefied carbon dioxide.
The collaboration will cover multiple stages of project development, including concept studies, feasibility studies, pre-FEED and FEED work, as well as engineering, procurement and construction.
The companies said they will build on a joint study conducted in 2024 that evaluated costs and timelines across the CCS value chain for different liquefied CO2 transport options, including low, medium- and high-pressure systems.
Chiyoda Corporation will focus on onshore terminal studies, including CO2 capture, liquefaction and storage, while NYK line will examine marine transportation and project coordination.
KNCC will study offshore transportation and direct injection, as well as floating solutions for liquefaction, storage and injection.
The companies said the partnership aims to support the development and commercialization of CCS projects and contribute to the establishment of global carbon management value chains.